H&M second quarter 2010/2011

Hennes & Mauritz (STO:HM B) released 2010/2011 half-year interim report. Sales were up strongly in local currencies but profit was down markedly compared to strong 2009/2010 period. This was only partially due to currency related issues as high cotton price and incentive program provision cut into profit. H & M closed down 2.3%. Full report is available here.